FAQs on Master Direction (MD) – Credit Card and Debit Card – Issuance and Conduct Directions, 2022

Here is a short summary of the provided document based on the questions:

Summary:

The document provides guidance on various aspects of credit cards, including the issuance of unsolicited credit cards, card activation, interest charges, and overlimit fees. Key points include:

1. A customer who receives an unsolicited credit card should not activate it and the card issuer must close the account without cost to the customer within 7 working days.
2. A corporate/business entity can provide consent for a business credit card, and interest/late payment charges can be levied on outstanding amounts, but not on total dues.
3. A cardholder's consent is required for adjusting refunds/failed transactions towards outstanding dues, and card issuers must follow specific rules for crediting refunds to accounts.
4. Cardholders can modify billing cycles, and card issuers must provide options for doing so through various channels. Card issuers cannot allow credit cards to be used beyond sanctioned limits without explicit consent.
5. Principal cardholders are responsible for outstanding dues, and add-on cardholders have no liability.
6. Card issuers are not required to provide insurance cover on debit/credit cards, but may offer it with the cardholder's consent.
7. Card issuers can partner with multiple co-branding partners, and co-branding partners may access card transaction data under specific conditions.

Please note that this summary is a gist of the provided document and is not intended to be a comprehensive overview of all the information contained within. For specific details and full responses, please refer to the original document.